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Prices for Homes in Orlando See Steeper Price Declines than the Rest of the Florida Housing Market

July 26th, 2007 · No Comments

Statewide sales of existing single-family homes and condominiums continued to slide, as did the home values, the Florida Association of Realtors reported Wednesday.

Existing Florida single-family homes sales totaled 12,954 in June, a 30 percent decrease from the 18,607 homes sold in June 2006. Florida condo sales, meanwhile, fell by 28 percent, from 5,532 in June 2006 to 4,004 in June of this year.

Florida’s median sales price for existing single-family homes dropped by 5 percent last month, from $256,200 in June of last year to $243,200 last month. The median is the midpoint; half the homes sold for more, half for less.

But sales in the Orlando area saw a steeper decline. The Orlando market saw existing single-family home sales drop by 43 percent, from 2,800 in June 2006 to 1,595 last month. Existing condo sales plummeted by 63 percent — from 502 to 188 — between June of last year and this year.

Median sales prices, meanwhile, saw a 3 percent decrease, as existing single-family homes went from $266,300 last June to $258,100 this June, and existing condo prices slid from $161,600 to $156,900 in the same period.

The state and the Orlando market are both still reporting significantly fewer home sales than the rest of the United States, according to the latest National Association of Realtors report. Nationwide total home sales declined 11 percent, from 6.49 million in June 2006 to 5.75 million last month.

The national median existing-home price in June, meanwhile, was $230,100, a slight increase from June 2006’s $229,300.

Tags: Market Forecast · Market Statistics